The Deutsche bank, not just a foundation stone of German banking but one of the top ten international banks, has indicated that their third quarter results, due out at the end of the month, will show a loss of over Euro 6 billion. Most economists were taken by surprise at the news.

A rise in capital requirements is the main reason for the huge estimated profit revision in Q3 figures, with markets looking for a positive number of around Euro1 billion. The Deutsche bank are also involved in the Libor scandal that few of the big banks have escaped and expect their legal costs relating to it, to be in the region of Euro 1 to Euro 1.2 billion.

Nice to know it's not just UK banks that will make a quick buck where they can but still not that comforting.